VAT (Value Added Tax)

Will make govt withdraw VAT on petrol

Monday, 28 May 2012

The Congress government is likely to face the heat of the central government�s move to increase petrol price by Rs. 7.53 � the steepest-ever hike since it was deregulated. Vijay Kumar Malhotra, leader of the opposition in Delhi assembly, said the Bharatiya Janata Party (BJP) would force the ...

Odisha may not reduce VAT on petrol,protest against price rise

Friday, 25 May 2012

The Odisha government today said it was not in favour of further reducing VAT on petrol even as the state witnessed massive demonstrations, rallies and road blockades protesting the hike in petrol price. Activists of different political parties like the ruling BJD, opposition BJP, left parties and ...

VAT department drive against non-payment of taxes on goods

Friday, 25 May 2012

In a major haul, the VAT department of government of Delhi has confiscated 436 vehicles for allegedly transporting goods without paying taxes. The trucks were confiscated in an operation carried out across the city between May 14 and 19 and a total penalty of Rs 91 lakh has been imposed on the vio...

Petrol price hike: Traders' body demands cut in VAT

Thursday, 24 May 2012

Unhappy over the increase in price of petrol, the UP Petrol Traders' Association (UPPTA) has urged the ruling government to slash the rate of value added tax (VAT) over petroleum products to give some relief to the common man. Presently, the UP government charges 26.55% VAT which is significantly hi...

Maharashtra Govt extends VAT exemption on raisin

Thursday, 24 May 2012

In view of the persistent demand from farmers, the Maharashtra Government has decided to extend the Value Added Tax exemption on raisins by another year. The State Cabinet on Wednesday took the decision to give the VAT concession for the dry fruit till May 31, 2013. The State treasury is likely to ...

Cut VAT on CNG: Striking autorickshaw drivers to govt

Monday, 21 May 2012

Over 100,000 autorickshaw drivers in Ahmedabad remained off road on Friday as part of a symbolic one day protest against frequent rise in CNG prices, which has increased by 42 per cent in last one year, and demanded that VAT on the commodity be decrease or removed. Autorickshaw drivers' unions have...

Staff shortage may dent Tamil Nadu's tax kitty: Comptroller and Auditor General

Friday, 18 May 2012

A shortage of staff in the commercial taxes department has slowed down clearing of value added tax (VAT) assessments in Tamil Nadu, which is likely to adversely affect the state's tax collection, a report by the Comptroller and Auditor General has said. VAT was introduced in Tamil Nadu, after much...

Volkswagen puts on hold Rs 2,000 cr investment due to VAT refund issue

Friday, 18 May 2012

German auto major Volkswagen AG said it has put on hold the proposed Rs 2,000 crore investment plan in India as the VAT refund issue with the Maharashtra government remains unresolved. "The normal investments required for usual operations of the company is going on but the big plans for the fut...

Punjab VAT collection up 13.5% in 2011-12

Thursday, 17 May 2012

Value added tax collection in Punjab rose by 13.5% to Rs 12,200 crore in 2011-12, over the year-ago period. "The total value added tax (VAT) collection for the year 2011-12 is Rs 12,200 crore, which is 13.5% up over last fiscal's collection," a senior official of Punjab Excise and Taxation departme...

ASSOCHAM wants MP to abolish 4pc VAT levied on traders,pvt cos

Thursday, 17 May 2012

The ASSOCHAM here today requested Madhya Pradesh to abolish four per cent VAT levied on traders and private companies with a turnover of more than Rs five crore on wheat in view of the various problems being faced by farmers and the state government. The record production of wheat this year in the s...

Pranab wants austerity: What other countries are doing

Thursday, 17 May 2012

Finance minister Pranab Mukherjee on Wednesday told the Parliament that the government will issue some austerity measures to aid the fiscal consolidation process. Mr. Mukherjee said the country�s growth story was still intact, and projected a 7 per cent GDP growth for 2012-13. Mr. Mukherjee's comm...

Rajouri Garden's marble market in West Delhi blames higher VAT, poor infrastructure for downslide

Saturday, 12 May 2012

Business is not so smooth at Rajouri Garden's marble market - the biggest in the capital - which is losing out its business to Rajasthan. Prime reasons are comparatively higher value added tax (VAT) in Delhi and deteriorating infrastructure which aggravated the problem for the traders. "In Delhi, ...

Patients pay 5% extra for lifesaving drugs

Friday, 11 May 2012

Drug stores in Tamil Nadu are making a killing, overcharging patients with cancer, HIV and tuberculosis, and those who have had organ transplants. Consumers have been paying 5% extra to druggists who have been charging the printed maximum retail price (MRP), which includes value added tax (VAT), t...

Stamp duty, VAT bills introduced

Friday, 11 May 2012

Commercial Taxes Minister C Ve Shanmugam on Thursday introduced Bills on consolidation of stamp duty and VAT assessment for dealers. The Bill to amend the Indian Stamp Act (ISA) provides for consolidation of stamp duty in respect of various types of instruments like bonds, debentures, policies of in...

Worker jumps into vat of acid to save colleague

Tuesday, 8 May 2012

A New Jersey roofer jumped into a vat of nitric acid solution to save a co-worker who had fallen 40 feet into the tank, fire officials said. Rob Nuckols, 51, was working on the ground floor on Monday morning at Swepco Tube LLC when his colleague Martin Davis plunged through a roof and into the vat ...